Breaking: Court Orders Forfeiture of N1.04bn Traced to Patience Jonathan

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The Economic and Financial Crimes Commission, EFCC, has secured an interim forfeiture of the sum of N1,000,494,000 (One Billion, Four Hundred and Ninety Four Thousand Naira) solely lodged in three deposits with Fidelity Bank Plc on 20th and 25th May, 2015.

The forfeiture order by Federal High Court sitting in Kano and presided over by Justice A. Lewis-Allagoa is consequent upon a movement ex parte filed by the Commission looking for for the interim forfeiture of the cash, which was discovered within the Bank account of Magel Resort Limited, an organization linked to the previous First Lady of Nigeria, Patience Jonathan.

The Commission had gotten an intel {that a} checking account domiciled in Fidelity Bank, had an enormous sum of cash that was not being utilized by anyone.

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Upon receipt of the intelligence, the EFCC swung into motion by conducting preliminary investigation, which revealed that Patience and a few kin of former president, Goodluck Jonathan have been administrators of the Company. Others named as administrators are Oba Oba Tamunotonye, Goodluck Jonathan Aruera, Goodluck Jonathan Ariwabai and Esther Fynface.

In making an attempt to hint the origin of the cash, it was found that N500,000 was deposited on the 20th of May, 2015 by Fynface, who’s alleged to be in cost of the Company, whereas N1 billion (One Billion Naira Only) was transferred in two tranches on the 25th May, 2015 from PAGMAT OIL AND GAS NIGERIA LIMITED an organization that was not included with the Corporate Affairs Commission.

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Ruling on the movement, Justice A. Lewis-Allagoa held that: “An interim forfeiture order is granted to the Federal Government in the sum of N1,000,494,000 (One Billion, Four Hundred and Ninety Four Thousand Naira Only) in the Bank account of the 1st respondent Magel Resort Limited 4011019546 which is maintained with 2nd respondent Fidelity Bank Plc”.

The court additional ordered that the forfeited sum be deposited within the Treasury Single Account of the Federal Government.

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